The recession of 2008 was one of the worst economic disasters since the Great Depression of 1929. Originating in America, the adverse effects of this crisis spread throughout the world like a virus. Some European economies, like that of Greece, were completely crushed and have still not been able to recover properly. This is because the banks in the USA got a huge government bailout from the US Federal Reserves but countries like Greece did not receive the economic assistance which was promised to them by the Eurozone. This was also a huge setback for the US-espoused capitalist ideology as throughout the cold war, it had presented capitalism as an entity that would always lead to prosperity.
Tag: 2008
What are the first images that come to your mind when you hear about the Global Financial Crises? Probably you would visualise people roaming around the streets unemployed, financial institutions destroyed and people in queues demanding their money back. If you have a little knowledge about this you might also see a house wrapped around in a bubble just about to fall. To put forward a further question, I ask you what caused the Financial Crises?